Senseless Retirement

When it comes to investing and retirement one of the few areas of risk management that is not traditionally discussed or planned for is the loss, or depreciation of an individual’s five senses.As a financial professional, there isn’t a week that goes by where a client does not need to adjust a meeting date or time because of an eye, ear, nose, mouth or hand/foot related doctor’s appointment.

Unbeknownst to some new and soon-to-be retirees, the three most common sensory costs including those related to vision, hearing, and dental work are not covered by Medicare and can be budget killers if problems arise and persist.Therefore it’s important that individuals not only plan for the financial impact those three can cause, but also the mental, social and physical impact of losing their ability to see, hear or taste.

Loss of Hearing

On several occasions I have had clients discuss with me the challenge of losing their hearing.One gentleman was a successful business owner for years, sitting on many local boards, and always on the scene of local political, charity, and other events.But as his hearing worsened, he couldn’t participate in event conversations and found himself feeling both frustrated and isolated.

That translated into attending less public functions and resigning several board seats.Recently, it’s even trickled down to his family.During Christmas, he hosted a large family gathering and quickly found himself secluded and out of the conversation, despite being in his own home and surrounded by close family and friends.

Staying socially connected and engaged with other people is an important part of successful aging and hearing aides can help facilitate that.However, their cost, design, and functionality can add unexpected challenges to retirement.According to Consumers Report’s,hearingaid prices can range from $1,800 to $6,800 per pair with an average price near $3,352.

It’s important to note that those costs may or may not include fittings, training for proper installation and use, or extras like directional microphones, feedback suppression, vents, wax guards, length of warranty, and let’s not forget about batteries.Depending on how long and how often you wear the aides, you could be juggling new batteries every 5-10 days.Fortunately, many battery types come in bulk, averaging $16-$20 for a 40-50 pack count.

During a recent phone call with a client I learned that she can no longer drive.At the very young retirement age of 67, her optometrist told her that he would not be able to provide the doctor’s note she needed to get her license renewed because her peripheral vision wasn’t up to par.A bitter pill to swallow considering she lives on the outskirts of town with few family and friends close by to help drive her around.There is a local shuttle service available, however, she learned the hard way that because of her location she is the first pick-up and the last drop off, which can make a simple trip to the grocery store take over 5 hours.

Another client recently developed an undiagnosed vision problem that has left him unable to read, watch TV, and even drive.He’s been to several doctors but they haven’t yet been able to diagnose the blurriness, headaches, and loss of balance.This dramatic change has obviously had a lifestyle impact, making his mobility and some everyday functions completely depended on his wife; a life-altering tether for even the most caring spouse.

According to the American Association for the Blind, more than 6.5 million Americans over 65 have a severe visual impairment. One of the most common vision issues for retirees is cataracts, a surgery whose costs depends on many variables including the type of lens implanted in your eye.

Recent research by AllAboutVision.com states that traditional cataract surgery in the United States would cost about $2,699 per eye if you paid for everything yourself (many cataract surgeries are covered by Medicare because they are performed by a MD).However, if you want a better, more improved lens, the costs could shoot up to roughly $4,337 per eye.The major difference being that using a standard lens will likely still require reading or prescription glasses (ongoing costs) whereas the upgrade may be able to eliminate eyeglasses altogether.

Outside of the hearing and vision challenges, dental work is the other most common issue I come across with clients.From deciding on dentures, expensive bridge work, or just flat out tooth replacements, those pearly whites that allow to you chew your favorites food, tear something open, or express your mood with a big smile have a declining role and capacity in retirement.

After reaching his 70th birthday, one client walked me through his reasons to have some teeth replaced instead of just pulled, noting he expected dentures to be in his near future.According to Ask.com, 57% of Americans age 65 to 74 year olds wear dentures, making them a distinct possibility, and direct cost, future retirees are likely to face.

A quick web review suggest that dentures can cost anywhere between $500 and $4,000 per plate, or $1,000 to $8,000 for a complete set…and require five or six dental visits to complete all the work. Unlike throwing a fancy new grate on your BBQ grill, you just can’t slip in some dentures and expect food to feel and taste the same.

On a denture forum, several wearers noted that they had to both re-learn how to chew and taste with their new chompers.Texture was a big concern because it changed the way they perceived food, which in turn affected its taste.On the plus side, the general consensus was that over time much of the way they had enjoyed food previous did eventually return.

Not to be forgotten, your other senses including touch and smell will also erode with time and age. Touch can be affected by arthritis and other physically impairing diseases as your sense of smell by sinus infections, medications, as well as allergies.

The reality is, just as all the music in the world stems from five pitches, and five colors combine to paint every amazing sight we see, our five senses are an important part of what can make life in retirement all that it can be.Starting today, whether you’re a day away from retirement or just out of college, be sure to both save and use your dollars to protect and enjoy your senses.

I’m a social worker turned financial planner who uses both skill sets to help folks prepare for the mental, social, and physical, as well as the financial aspects of retirement. I’ve written a book, The Naked Retirement, run a website and webinars through the RetirementProje...